Shenyang | 2021 H1 | Office: Continuing occupier opportunities

Dear Valued Client,

In Q1 2021, demand continued to recover in Shenyang. Net absorption basically the same as Q4 2020, and rents rebounded slightly. Demand from online education companies began to decrease since Q2 due to the double reduction policy1. In H2 2021, the continuing impacts of the policy should see online education companies further rebalancing their footprints. We forecast the market to see high supply through 2023, which should continue to put rents under pressure.